The slope of the total product curve measures _______. (a) the marginal rate of technical...
Question:
The slope of the total product curve measures _____.
(a) the marginal rate of technical substitution
(b) marginal product
(c) average product
(d) the maximum average product
(e) minimum product.
Total Product:
In the market, when a firm produces a good or service, it needs to use various input resources, such that labor, capital, and so on. Using a specific amount of input resources, the total output generated by the firm is known as the total product.
Answer and Explanation: 1
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View this answerThe correct option is: (b) marginal product.
Explanation:
When analyzing the total product curve, one can conclude that the slope of the TP curve...
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Total Product, Average Product & Marginal Product in Economics
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Chapter 4 / Lesson 2
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In Economics, there are three factors involved in the theory of production: total product, average product, and marginal product. Explore this theory and learn how to maximize the efficiency of these production tools.
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